- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Concerns about Mortgages with a Fixed-Term Contract
### Exploring Mortgage Options with a Fixed-Term Contract
Hello,
I’ve recently had a four-month break from work and am currently considering a potential role in the same industry as my previous jobs. The role is a 12-month maternity cover fixed-term contract with a salary expected to be around the $90k mark. My partner is in a full-time permanent position earning $80k. I’ve heard that it can be more challenging to secure a mortgage when one partner is on a fixed-term contract.
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Cheers,
[Your Name]
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Not recent, but a couple years ago, I went through a broker and he was very chill about it. As long as we were drawing down the loan before my contract ended then it was fine. However, the job market is weird right now and I wouldn’t personally rely on being able to line something up when your contract ends so probably best if you can make it work just on the one salary if you really needed to
Bank won’t know the specifics of your role/contract, so long as you can provide 90 day (typically asked) payslip to prove you are earning regular income, they’ll be satisfied.
Your payslip won’t say you are in a fixed role neither.
So unless you’ve voluntarily disclosed this fact, nobody would know.
Your risk is whether you could line up another role after this potential contract – the job market is not great right now, or for the foreseeable future.
Do it now at the start of the contract. The further in, the more nervous the banks get. They prefer to have 2 years history of fixed term contracts, but i think it’s worth a shot now. A bit of fluff around skillset being transferable and past / future opportunities and it should fly. Worst thing they can say is no! ANZ and ASB will be the favourites I reckon. Good luck!
Edit: And yes, Mortgage Adviser needs to disclose soz!
A fixed term contract can sometimes be a bit of a stumbling block. It simply depends on your experience within the industry and how in demand the role is – can you easily get another contract next year? It’s definitely not a decline but the bank would want to have a good idea on your likelihood of a future contract.
Obviously the bank wants to ensure that the loan is affordable and can be repaid but even for your own mental well-being, can you imagine the stress that you’d go through if you have a mortgage to pay if you struggle to pickup a contract in 12 months?
If you are in an in demand industry with a decent experience in it and a high likelihood of another contract or full time role at the end of 12 months, it should be fine but if it’s job security is likely to be on the fence in 12 months time, I’d flag things until you get more certainty on your income and that’s for your well-being rather than the bank.
Had zero problems getting a mortgage on a 12 month contract. Bank never even mentioned it.
Your income is pretty low so they will likely want to see 6 months of payslips from both of you.